The Global Market for Electric Motors is Projected to Exceed US$140 Billion by 2024
Mass Customization & Rising Demand for Electric-Car
Motors Drive the Global Market for Electric Motors, According to a New Report
by Global Industry Analysts, Inc.
GIA launches
comprehensive analysis of industry segments, trends, growth drivers, market
size, share and demand forecasts on the global Electric Motors market. The
global market for Electric Motors is projected to exceed US$140 billion by 2024,
driven by mass-customization; plant & process automation; rising demand for
motors in electric cars, and need for miniaturized motors in medical devices,
robotics & portable consumer electronics.
A ubiquitous equipment, electric motors, which convert electrical energy into mechanical energy to drive any electrical appliance/equipment, are widely used in all walks of life ranging from industrial fans, blowers and pumps, machine tools, household appliances, power tools to disk drives. As the omnipresence of electrically run equipment makes electric motors an indispensable product, the modern life without electric motors is inconceivable, and hence the market for electric motors is forecast to remain strong even into the distant future. All through the previous decade, the emergence of robotics and robots resulted in significant improvement in different production aspects of various industries. Electric motors, a key component needed for operation of robot, have come to play a major role in a variety of industries in which robotics are used. A major boost for the market for electric motors at the global level also comes from increased governmental interest in automotive technologies that reduce carbon emissions, which is playing a major role in enhancing market growth for electric motors. Low-cost and highly efficient electric motors are high in demand in the agricultural sector, which is a major part of economy in developing countries like India, China, Brazil and Argentina, among others. Design advancements achieved over the years have resulted in rising demand for electric motors, in particular, usage of better materials for insulation resulted in longer operational life and enhanced efficiency of motors. A key trend in the making is the rise of energy efficient motors. Escalating power prices and dwindling fuel supply have long been prime driving forces behind the keen interest and demand spurt in energy efficient motors. With residential, commercial and industrial sectors increasing focus and emphasis on energy conservation, given the spiraling energy costs it is opportunities galore for energy efficient motors.
As stated by the
new market research report on Electric
Motors, Asia-Pacific represents the largest market worldwide.
The region is also forecast
to emerge as the fastest growing market with a CAGR of 7.0% over the
analysis period, led by rapid industrialization, booming economies,
increased urbanization, growing employment opportunities, and rising spending
power among the huge middle class population. In Europe, another key region, demand
is driven by the growing adoption of energy-efficient motors amidst the rising
need to reduce carbon emissions, and minimize operating costs in various
end-use industries.
Key players in
the market include ABB Ltd., Baldor Electric Company, ACTOM (Pty) Ltd., Allied
Motion Technologies, Inc., AMETEK Inc., ARC Systems Inc., Asmo Co., Ltd., Bauer
Gear Motor, Brook Crompton UK Ltd., CG Power and Industrial Solutions Ltd.,
Franklin Electric Co. Inc., General Electric Company, Hitachi Industrial
Equipment Systems Co., Ltd., Hyosung Power & Industrial Systems Performance
Group, Johnson Electric, Kirloskar Electric Company Ltd., Kollmorgen Corp.,
Leeson Electric, MinebeaMitsumi Inc., Nanyang Explosion Protection Group Co.
Ltd., Nidec Corp., Panasonic Corp., Regal-Beloit Corp., Rockwell Automation, Inc.,
Sanyo Denki America Inc., Shinano Kenshi Co., Ltd., Siemens AG,
TECO-Westinghouse Motor Company, Toshiba Mitsubishi-Electric Industrial Systems
Corp., Toshiba International Corp., and WEG Electric Corp., among others.
The research report titled “Electric
Motors: A Global Strategic Business Report” announced by Global Industry
Analysts Inc., provides a comprehensive review of market trends, issues, growth
drivers, service innovations and launches, and strategic industry activities of
major companies worldwide. The report provides market estimates and projections
for all major geographic markets including the US, Canada, Japan, Europe
(France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China,
India, and Rest of Asia-Pacific), Latin America (Brazil, and Rest of Latin
America), and Rest of World. Segments analysed in the report include Implementation
Fractional HP Motors, and Integral HP Motors (AC Motors, and DC Motors).
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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